The following trial balance has been extracted from Keith LTD as 31 March 2021. All amounts are stated in thousands of euro.
The following
|
Account |
Debit |
Credit |
|
Advertising |
30 |
|
|
Bank overdraft |
|
7 |
|
Bank interest paid |
2 |
|
|
Creditors |
|
69 |
|
Debtors |
452 |
|
|
Directors remuneration |
55 |
|
|
Insurance |
17 |
|
|
Machinery: |
|
|
|
At cost |
420 |
|
|
|
|
152 |
|
Ordinary share capital |
|
200 |
|
Preference shares (cumulative 10% share of EUR 1 each) |
|
50 |
|
|
4 |
|
|
|
|
132 |
|
Purchases |
1.240 |
|
|
Standard rates |
75 |
|
|
Sales |
|
2.100 |
|
Share premium account |
|
40 |
|
Stock (at 1.04.20) |
134 |
|
|
Wages and salaries |
321 |
|
|
Total |
2.750 |
2.750 |
Additional information:
1.Stock at 31 March 2021 valued at cost amounted to EUR 155.000
2.Depreciation is to be provided on machinery at a rate of 20% on cost
3.Provision is to be made for auditors’ remuneration of EUR 12.000
4.Insurance paid in advance at 31 March 2021 amounted to EUR 3.000
5.Corporation tax owing at 31 March 2021 is estimated to be EUR 60,000
- An ordinary dividend of 15 cent per share is proposed.
7.The company has an authorized share capital of EUR 600.000 ordinary shares of EUR 1 each.
Required:
Prepare Keith LTD’s trading and profit and loss account for the year to 31 March 2021 and a
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